| Business on a Budget
By Megan Martin
If there’s one thing Craig Dexheimer, Director of Operations and Administration for SALO, has noticed among business leaders over the past 3-4 months, it’s a strong desire to move forward.
Dexheimer says companies are noticing opportunities to prepare for the future, and notes that “those preparing now will be so much further ahead once the current economic situation turns around.”
With the recent improvement in economic indicators, you may be feeling less stressed about the future of your company.
So where does that leave you, especially if you feel ready to move forward but don’t have the budget to do it?
In her August Psychology Today article “Working Through Fear,” Dr. Judith Sills says leaders need to “deal with [their] fear by reframing the situation for everyone else…instead of focusing on potential losses and terror, you want to see the situation as an opportunity to…improve your organization. Your underlings will breathe a collective sigh of relief and will be motivated to work harder.”
Countless companies are finding creative ways not only to sustain themselves on a limited budget, but to help themselves and their employees grow. Here is some expert advice.
Keep Your Eye on the Prize
During uncertain times, it’s tempting to focus on the short-term: What can you do in the coming weeks or months to improve immediate problems? However, Dexheimer cautions against this:
“You can’t be short-sighted. You need to stay focused on the long-term strategic plan for your organization,” he says. “While it’s important to address the problems that are hitting you now, there must also be discussions among management about what impact these short-term decisions will have on your strategic goals in the future.”
Dexheimer recommends forward-thinking. Constantly ask yourself where you want to be 1-3 years down the road, and make sure that these goals are built into your plan.
Evaluate Current Infrastructure
“Infrastructure is something people need to look at during times of economic stress,” says Dexheimer.
Once you’ve determined a strategic plan for the next several years along with where you want to be, you need to make sure your infrastructure is built to withstand progress.
Dexheimer says many companies mistakenly issue cutbacks in key departments.
“Many companies tend to look at functions such as finance, operations and HR and make cutbacks because they don’t see those departments as revenue generators,” he says. “But having a strong infrastructure across the board is so important to future success. How can your company rebound without having the structure needed?”
Dexheimer says it is imperative that the infrastructure remain strong yet adaptable, and that everyone in the company is apprised of the strategic plan so that your infrastructure is both focused and flexible enough to help your organization move forward.
“HR must know the bueinss plan and play a key role in assessing the current talent pool to get people in the right roles to support the strategic plan,” he says.
He also mentions the importance of finance. “It’s imperative to have a strong finance function to provide management with a timely snapshot of the organization’s financial health. You need accurate data in order for management to be prepared to make decisions for the future.”
Create a Support System Through Standout Talent
If you’re current on hiring trends, you're aware that there is a huge amount of talent flooding the marketplace.
If HR is on board with your organizational plan, they should be seeking out candidates who fit into that plan.
“As a leader, you must always be thinking about the direction of your business; the best leaders are always assessing current talent to ensure a stronger future,” says Dexheimer. “Now is the time to look for the absolute best people available.”
Does this mean mass layoffs? Not necessarily.
“Make sure your A players are aligned on projects that will help them achieve their career goals while securing your company’s future,” he says.
Execute your strategic plan by giving employees opportunities to grow. If you notice someone with a specific strength that hasn’t been utilized, try giving them a new responsibility. Not only will employees be more motivated by the opportunity to learn new skills and see themselves as an integral part of the firm’s future, but your organization will thrive as well.
Dexheimer also advises leaders to avoid singling out only the very top performers for development. “From a growth mindset, you’re letting a lot of potential throughout your organization go untouched.”
While some lesser performers may change their ways when given new opportunities, if it’s clear that an employee isn’t pulling his or her weight, however, don’t put off the inevitable.
“Keep in mind that C players should be transitioned out of the organization as soon as possible. You’ll be able to replace them with some of the truly outstanding talent that’s out there right now,” says Dexheimer. “If you can stay focused on the future even when the going gets tough, there’s no doubt that you’ll be ahead of the game as the economy continues to turn.”
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